- Tron’s native currency, TRX, has achieved full accessibility on the Ethereum network through the utilization of the BitTorrent bridge, as confirmed by Tron’s founder, Justin Sun.
- Hong Kong’s decision to open its crypto market to retail investors marks a major turning point in the region’s approach towards digital assets.
In a recent development, Justin Sun, founder of TRON, confirmed on Twitter that the native currency of the platform, TRX, has made a substantial leap forward. The TRX token is now fully operational on the Ethereum blockchain, thanks to the use of the BitTorrent bridge.
#TRON (#TRX) has now expanded its reach by going live on the #Ethereum blockchain by leveraging the #BitTorrent bridge . With the contract address 0x50327c6c5a14dcade707abad2e27eb517df87ab5, #TRX is now fully accessible within the Ethereum ecosystem.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 2, 2023
As it stands, TRX’s value sits at $0.08248, reflecting a notable surge of 2% within the last hour. The BitTorrent bridge facilitates fluid asset transfers between Ethereum Virtual Machine (EVM)-compatible blockchains and the Tron network, significantly boosting the liquidity of TRON’s native cryptocurrency. Moreover, this integration is expected to spur TRX’s use within decentralized finance (DeFi) protocols, further augmenting its footprint in the crypto sphere.
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In parallel with TRX’s substantial advancement, Hong Kong is making waves in the crypto sector by opening its market to retail traders. Until this development, Hong Kong’s crypto market was accessible only to professional and institutional investors, a stance held since 2018. With the new regulations in place, retail trading is set to kick off in the latter half of 2023.
This milestone in Hong Kong’s financial legislation has garnered praise from influential figures in the crypto industry, including Justin Sun and stakeholders of the Huobi exchange. Sun lauded this policy shift as a critical development for China’s crypto landscape, foreseeing Huobi securing a license in Hong Kong within the next 6 to 12 months. Huobi has already initiated the process, applying to become a Virtual Asset Service Provider (VASP).
The decision to welcome retail traders into Hong Kong’s crypto market marks a pivotal moment in the region’s adoption of digital assets. This significant policy shift is projected to fuel participation and growth in the cryptocurrency industry, inviting individuals to actively trade digital assets and consequently expanding Hong Kong’s burgeoning crypto ecosystem.
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